10 Ways of Reducing the Risk of Identity Theft
August 31, 2009
1- Check your credit report regularly
2- Secure personal information in your home, especially if you have roommates, employ outside help, or are having work done in your home.
3- minimize the amount of information someone can steal, do not carry extra credit cards, your Social Security card, birth certificate or passport in your wallet or purse, except when needed. Always store your wallet in a safe place.
4- Make sure you have a locked mailbox, post office box or commercial mailbox service. When you are away from home for an extended time, have your mail held at the Post Office, or ask someone you trust to pick it up.
5- Pickup new checks at the bank. Do not have them mailed to your home.
6- Reduce the number of credit cards you actively use to a minimum.
7- Cancel unused bank or credit accounts.
8- Keep a photocopy of all your credit cards, bank accounts, and investments.
9- Never give out your SSN, credit card number or other personal information unless you are sure the source is secure.
10- Do not throw out your credit card receipts in public places always take receipts with you.
Mortgage Sales Hit Problems
August 30, 2009
The housing market has been buoyant over the past few years, but mortgage providers and first-time buyers are both now facing a tough time. Following announcements from the Bank of England that there has been an overall decline in the total number of UK home-buyers, and a declaration from the Financial Ombudsman Service (FOS) that the number of disputes concerning mis-sold mortgage endowments has now hit record levels, it seems that mortgage lenders are facing a bleak time. Add to this the results of a new survey, by the Edinburgh Solicitors Property Centre, which shows potential first-time buyers fear that they may never get onto the property market, and you start to see a worrying picture of the housing market emerge.
The problem with the mis-selling of endowment mortgage products has recently made the headlines in the world of personal finance. The FOS admitted receiving 70,000 new complaints about endowment mortgages, the equivalent of 1,300 a week, compared to just 300 a week three years ago.
The main grounds for complaint revolve around people who believe that mis-selling had occurred regarding policies. Many consumers feel that the endowment product sold to them was unsuitable either because it would lead to financial short-falls, or because the level of risk involved had not been adequately explained to them prior to the policy commencing.
Secured Loans vs. Unsecured Loans ? Choosing Between the Two Diverse Ends
August 29, 2009
Often in our search for finance options, we are led into a crossroad where we have to make a choice between secured and unsecured loans. Both are equally alluring and put the borrower in a difficult spot. It is difficult to make up the mind regarding one particular finance option because each has their share of advantages and disadvantages. What makes it more difficult to decide upon the finance option is that both secured and unsecured loans have a conflicting set of features, and the disadvantages of one are countered by the other.
Secured loans vs. Unsecured loans
Secured loans are the most conventional method of financing large sums of money. Even in older times people used to take loans to use in agriculture or other such needs by keeping their lands as security. Unsecured loans, on the other hand are of a recent origin. Since secured loans required the borrower to keep his home as collateral, many people who were without homes or who did not prefer attaching homes to obligations were left without finance. This also hampered the lending business of the lenders because the group was sizable. Thus, unsecured loans were launched as an alternative to the secured loans.
How To Turn Disadvantages Of A Reverse Mortgage To Your Advantage
August 28, 2009
When it comes to a reverse mortgage, wise consumers weigh the advantages and disadvantages prior to signing on the dotted line.
Let’s start on a positive note, you could do what most borrowers do and opt for the reverse mortgage line of credit. Just think about how you would then be able to draw on the loan whenever money is required for daily living expenses, medical bills, prescription costs, home repairs, etc. This could really enhance your retirement years including in-home care expenses in later years.
Furthermore, your new found income does not affect regular Social Security payments or Medicare benefits. And lenders cannot foreclose on the loan for the life of the borrower.
Okay, that’s all well and good but how do you turn the major disadvantages of a reverse mortgage into a positive one? It’s all in the perspective. For every negative there is a positive to obtaining this loan.
It’s true a reverse mortgage loan may affect your eligibility for state and federal government assistance programs such as Medicaid but it also gives you an important financial cushion and does not (as mentioned above) affect your regular Social Security payments or Medicare benefits.
Watch Out For Credit Repairs
August 27, 2009
It is very easy to find a site that is neat, professional-looking, and one that offers a free three-agency credit report and free credit report without a credit card.
This scam is too good to be true. Usually the only catch is an upfront charge to the consumer of $7.95 or something similar for each disputed item on your report. I was on the verge of signing up, but got a sneaking suspicion that something wasn’t right.
Every other site I’d seen offered an Equifax report for free, and a three-agency report for around $35. How could they offer it for free, and How could anyone get a free credit report without a credit card?
Skeptical, I researched the company and found multiple complaints. One of the prominent ones was a claim that they disputed every negative entry on your credit report without your approval, and then charged you $7.95 for each one.
I requested an explanation of the above link to give them a chance to share their side of the story. While I awaited their response I continued my research.
What?s All the Hype about Omni Military Loans?
August 27, 2009
The average person some time in their adult lives will come across a time where they will need to take out a loan. However, if you’re in the military you aren’t just the average person. Omni military loans are specially designed for the ease and convenience of military personnel. This is not to say that your regular bank loan isn’t going to cut it, but Omni military loans have the “home court advantage.” Most of Omni’s offices are conveniently located close to military establishments and also in Europe.
Omni military loans are more convenient by a large margin when compared to your run of the mill loan. Not only do you have close offices to the base but, if you want to conduct the whole thing from the comfort of your home you have that option too. Omni’s website is open 365 days a year 24 hrs a day. Omni military loans also work in conjunction with DFAS, this allows you to set up monthly allotments. Talk about no hassle! Not only do you have prompt monthly payments but you can monitor it with DFAS online! If you set up monthly allotments, you have zero paperwork and less fuss.
Using a Calculator to Assess Your Loan
August 26, 2009
Buying a house is a very important step in your life. Every family dreams of having their own home and whether you are looking into your first, or are moving or upgrading your home, you know your mortgage is important. And when it comes to getting a mortgage, there is a lot of data to be calculated. This is where a mortgage calculator can really help you out.
These calculators are very convenient for people who are in the beginning stages of trying to figure out what kind of home they want to buy and working out what kind of home they can afford, taking into account government charges, bank fees and the deposit they have saved. A mortgage calculator will give you a very good idea of the maximum size of a loan that you can apply for. It will also help you to see what kind of monthly payments you can expect to pay once you have purchased the home.
So if you are going to use a mortgage calculator to find out information about your qualifications, you should get some information together first. You need to know information like the gross income of the family and what kind of monthly expenses the household has. You should include credit cards, utilities, personal loans and other expenses. This will help calculate what you can afford.
How To Protect Yourself Against Credit Card Fraud
August 25, 2009
In the high tech world of today, credit card fraud is an ever increasing problem.
By 2005 it is estimated that the online payment industry will capture $12.5 Billion in revenue. This is up over 20% from 2004.
In the United Kindom alone, credit card fraud cost companies £504.8 Million in 2004.
With so many people shopping and paying online it is no wonder that credit card fraud is on every online consumer’s mind.
There is no way to guarantee credit or credit card fraud will never happen to you. But there are a few steps you can take to make it more difficult for someone to capture your card or card numbers and minimize the possibility.
Sign your cards as soon as they arrive.
Carry your cards separately from your wallet, in a zippered compartment.
Keep a record of your account numbers, their expiration dates, and the phone number and address of each company in a secure place.
Keep an eye on your card during the transaction, and get it back as quickly as possible.
Void incorrect receipts.
Destroy carbon copies.
Save receipts to compare with billing statements.
Avoiding Foreclosure Scams
August 24, 2009
If your mortgage company is threatening foreclosure, there are things you can do to avoid it (see my article titled "How to Avoid Foreclosure"). However, you should be aware of scams. If there are solutions to your problems that seem too good to be true, they probably are.
For example, if you’re trying to sell your home yourself without professional guidance, beware of buyers trying to rush you through the process. It is unfortunate, but there are people who will try to take advantage of your financial difficulty. You should be especially alert to these scams:
Equity Skimming.
In this scam, a person approaches you as a buyer, offering to get you out of financial trouble by promising to pay off your mortgage or to give you a sum of money when the property is sold. This person may suggest you move out quickly and deed the property to him or her. The buyer than rents the property, collects rents for a time, does not make any mortgage payments, and allows the lender to foreclose. The important thing to remember is that signing over your deed to someone else does not necessarily relieve you of your obligation on the mortgage loan.
Motorcycle Loans For Military With Bad Credit
August 23, 2009
Motorcycle loans for military with bad credit aren’t hard to come by. In fact when you start your search for the lender you will find more then an ample supply of companies just waiting for your business. Have you really thought his purchase through though?
There are many reasons for having bad credit. Some credit scores are easily brought back to par by checking your credit report and making sure your personal information is up to date. Other things can happens to your report as well, such as your credit report might show UN paid bills that you know you have paid. Things like this can be disputed with proper proof of payment. On the other hand there are issues such as bankruptcy, divorce, unpaid loans, tax liens etc. That makes up a nasty credit score. The only way to fix these types of things is with time & budgeting.
Every one knows motorcycles are great fun so the want for one is valid. They don’t use a lot of gas, you don’t have to worry about playing taxi for your friends and all in all it is a reliable means of transportation. If you want that bike bad enough you are going to get it, but think it through. A good saying to live by is “If you find yourself in a hole….quit digging!”
